New Delhi. With the beginning of the new financial year, preparations for Income Tax Return (ITR) filing have intensified. The government has released all ITR forms for assessment year 2026-27, so that taxpayers can now fill their income details on time. The special thing this time is that the forms have been made available ahead of time, so that people do not have to make mistakes in haste.
Why is timely filing important?
If you are a normal taxpayer and audit of your accounts is not necessary, then the last date for filing your return has been fixed as 31 July 2026. Apart from this, for those who have made a mistake while filing the return earlier, the option of Updated Return (ITR-U) has also been given, through which they can correct their information.
Will the new law have any impact this time?
Many people have this misconception that the new tax law will affect the filing this time. But it has been clearly said that this year you will have to file returns as per the old rules only. The impact of the new changes will be seen in the next filing.
Which ITR form is right for you?
Selecting the right ITR form is the most important step. Filling the wrong form may also result in your return being rejected.
ITR-1 (Spontaneous): For those whose annual income is up to Rs 50 lakh and the source of income is salary, a house or interest.
ITR-4 (Sugam): For small traders or professionals whose income is up to Rs 50 lakh.
ITR-2: For those whose income includes capital gains.
ITR-3: For those earning income from business or profession.
ITR-6 and ITR-7: Prescribed for companies and trusts/institutions.
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